Portable Gaming Consoles Market Too Boost Gaming Industry by 11.84% During the Forecast Period From 2023 to 2032

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Updated · Jun 06, 2023

Portable Gaming Consoles Market Too Boost Gaming Industry by 11.84% During the Forecast Period From 2023 to 2032

Market Overview

Published Via 11Press: The Global Portable Gaming Consoles Market size is expected to be worth around USD 27.33 Billion by 2032 from USD 9.18 Billion in 2022, growing at a CAGR of 11.84% during the forecast period from 2023 to 2032.

The portable gaming console market encompasses industries that produce and market handheld video game devices designed for on-the-go entertainment. These portable consoles tend to be smaller and more portable than their home gaming systems, featuring built-in screens and controllers which enable gamers to game anywhere at any time – popular examples being Nintendo Switch, Sony PlayStation Vita, and Nintendo 3DS. Since their introduction, portable gaming consoles have experienced dramatic advances with innovative technologies and features introduced to enhance users’ gaming experiences. Thanks to mobile gaming apps and smartphones, competition among portable gaming console manufacturers is fiercer than ever – companies focusing on innovation to stand out in an otherwise oversaturated field.

The portable gaming console market has immensely affected the video game industry, releasing many popular titles exclusively for handheld devices. Recent years have witnessed rapid expansion for portable gaming console sales worldwide; global projections indicate this figure to surpass $8 billion by 2025. Market growth can be attributed to rising consumer demand for on-the-go entertainment, technological developments, and the explosive popularity of eSports and mobile gaming. Though portable gaming console markets face challenges such as competition from mobile devices and an evolving gaming landscape, portable console gaming remains an integral component of the industry and will likely continue to innovate over time.

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Key Takeaways

  • The portable gaming console market encompasses industries that produce and market handheld video game devices designed for portable play.
  • Over time, the market has evolved tremendously as new technologies and features were implemented to enhance users’ gaming experiences.
  • Driving factors of the portable gaming console market include an increasing need for on-the-go entertainment, advancements in technology, the increased popularity of mobile gaming platforms like iOS or Android OS devices, and rising esports competitions as well as innovations and unique features.
  • Restraining factors of this market include competition from mobile devices, high costs, and limited game selection – not to mention an ever-evolving gaming landscape – which are limiting factors of note.
  • The global portable gaming console market is worth billions and is expected to experience compound annual growth over its forecast period, estimated at a compound annual compound average growth rate.

Driving

  • Consumer Demand for Entertainment on the Go: People increasingly look for ways to enjoy entertainment when traveling or away from home, which has contributed to an explosion of portable gaming consoles.
  • Advancements in technology: New features like touchscreens, motion controls, and HD graphics have enhanced gaming experiences for consumers while making portable consoles even more desirable to consumers.
  • The popularity of Mobile Gaming: While mobile gaming has gained increasing traction in recent years, dedicated portable consoles still hold immense appeal to provide an engaging and immersive gaming experience.
  • Rising E-Sports Interest: E-sports’ growing popularity has fuelled the expansion of the portable gaming console market, as many professional and amateur gamers utilize such devices for competitive play.
  • Innovation and distinctive features: Companies have begun emphasizing innovation and distinctive features to stand out in an already competitive marketplace, leading to new technologies and features for portable gaming consoles.

Restraining

  • Competitors from Mobile Devices: Even though portable gaming consoles provide more immersive entertainment experiences, mobile phones increasingly capable of offering quality games can pose formidable competition to portable consoles.
  • High Cost: Portable gaming consoles may be expensive and might turn away consumers looking for more cost-effective gaming options.
  • Portable gaming consoles may offer access to popular titles, but the selection can often be more limited compared to what can be found on home systems or mobile devices.
  • Gaming industry trends: As gaming continues to advance, new technologies and trends emerge that may displace handheld consoles as the central element.

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Market Value

The global portable gaming console market is estimated to be valued in billions and is expected to experience steady expansion over time. This growth can be attributed to several factors, including an increasing need for on-the-go entertainment, technological innovations, and an explosion of esports and mobile gaming. Although mobile devices pose competition to portable gaming consoles within this sector, their presence remains significant within the industry despite challenges posed by competitors and an ever-evolving gaming scene; the portable gaming console market may continue to change and innovate further over time.

Market Segmentation

Type

  • Single Function Gaming Consoles
  • Multifunction Gaming Consoles

Application

  • Children
  • Adults

Key Players

  • Nintendo
  • Sony
  • Microsoft
  • Apple
  • Google

Regional Snapshot

  • North America: North America has long been recognized as an influential market for portable gaming consoles, boasting an established and robust industry with major players like Sony and Microsoft commanding significant market shares in this region.
  • Europe: Europe is another leading market for portable gaming consoles, boasting an active gaming culture and significant demand from consumers seeking on-the-go entertainment. Furthermore, this region hosts numerous gaming companies like Nintendo and Ubisoft which provide consumers with convenient on-the-go entertainment solutions.
  • Asia-Pacific: Asia-Pacific is home to one of the highest markets for portable gaming consoles worldwide, thanks to Japan, China, and South Korea’s high interest in playing gaming consoles. Here we find major companies such as Sony, Nintendo, and Tencent all play a prominent role.
  • Rest of the World: The rest of the world represents an expansive market for portable gaming consoles, due to their rising demand and wider access to mobile devices.

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Major Factors

  1. Technological advancements: As technology continues to evolve, new features and capabilities can be added to portable gaming consoles, improving the user experience and making the devices more appealing to consumers.
  2. Changing consumer preferences: Consumer preferences and behavior can have a significant impact on the portable gaming console market, with shifts in demand and trends influencing the types of devices and games that are popular.
  3. Competition from other gaming platforms: The portable gaming console market faces competition from other gaming platforms such as mobile devices and home gaming systems, which can impact the market share and growth of portable gaming consoles.
  4. Marketing and promotions: Effective marketing and promotional campaigns can help increase awareness and demand for portable gaming consoles, driving sales and revenue growth.
  5. Pricing and affordability: The pricing and affordability of portable gaming consoles can impact their appeal to consumers, with high prices potentially limiting their market share and growth potential.
  6. Game selection and quality: The selection and quality of games available on portable gaming consoles can impact their popularity and success, with a lack of popular or high-quality games potentially limiting demand for the devices.

Report Scope

Report Attribute Details
The market size value in 2022 USD 9.18 Bn
Revenue Forecast by 2032 USD 27.33  Bn
Growth Rate CAGR Of 11.84%
Regions Covered North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and the Rest of the World
Historical Years 2017-2022
Base Year 2022
Estimated Year 2023
Short-Term Projection Year 2028
Long-Term Projected Year 2032

Frequently Asked Question

Q. What is a portable gaming console?

A. portable gaming console is a handheld device designed for playing video games on the go. These devices typically have their own screen, buttons, or joysticks for controlling gameplay, and can run on battery power.

Q. What are some popular portable gaming console brands?

A. Some popular portable gaming console brands include Nintendo, Sony, and Microsoft.

Q. What types of games are available on portable gaming consoles?

A. Portable gaming consoles offer a wide range of game types, including action, adventure, sports, and role-playing games (RPGs), among others. Many consoles also offer access to popular franchises such as Mario, Zelda, and Pokemon.

Q. How much do portable gaming consoles typically cost?

A. Portable gaming consoles can range in price from around $100 to several hundred dollars, depending on the brand, features, and capabilities of the device.

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